关注国内市场景气度复苏与出海机会

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of RMB 31.00 based on current market price of RMB 20.49 [3][19]. Core Insights - The company has demonstrated exceptional performance, achieving a revenue of RMB 2.321 billion in 2023, a year-on-year increase of 25.76%, and a net profit of RMB 318 million, up 21.13% year-on-year. The fourth quarter of 2023 saw a revenue of RMB 582 million, reflecting a 16.79% increase year-on-year but a 7.82% decrease quarter-on-quarter [20][21]. - The company has successfully expanded its overseas revenue, which reached RMB 705 million in 2023, a significant increase of 112.99% year-on-year, contributing to 30.36% of total revenue. The gross margin for overseas sales improved to 31.35%, up 3.58 percentage points year-on-year [21][45]. - The domestic market remains competitive, leading to a slight decline in overall gross margin to 26.46%, down 1.03 percentage points year-on-year. However, the recovery in the domestic manufacturing sector is expected to enhance future performance [21][45]. Summary by Sections Performance Overview - In 2023, the company achieved a revenue of RMB 2.321 billion, a 25.76% increase from 2022, and a net profit of RMB 318 million, up 21.13% [20][34]. - The company’s gross margin was 26.46%, with a net margin of 13.68%, reflecting a decrease in both metrics due to domestic market competition [21][34]. Revenue Breakdown - Domestic sales gross margin was 24.14%, down 3.14 percentage points year-on-year, while overseas revenue significantly increased, contributing to overall growth [21][45]. - The company has established a dedicated overseas sales network, selling products to over 50 countries, which is expected to further increase the share of overseas revenue [21][45]. Future Projections - The company is projected to achieve net profits of RMB 375 million, RMB 445 million, and RMB 536 million for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 17X, 14X, and 12X [21][34].